Promethient, an early stage U.S-based company that developed graphene-enhanced seat warmer technology, has received a large (though undisclosed) equity investment from Faurecia Ventures, the investment arm of Nanterre, France-based Faurecia, the sixth-largest auto supplier in the world, with a big American presence.
The funding will allow Promethient to ramp up product development and marketing and also provides it with a very large early customer. The investment will also allow Promethient to sell to other auto suppliers and makers.
Myers said Promethient is targeting four major markets â transportation, including off-road, agricultural and aviation; furniture; medical devices; and garments for the military, police and athletes. He said he has one deal with a manufacturer of power-sports vehicles he isn't allowed to name and has a prototype being evaluated by a major furniture maker.
"The Northern Michigan Angels like to invest in companies that have more than one application for the technology along with having a management team that can prioritize and bring in sales quickly," said Deanna Cannon, the angels' executive director. "Promethient has a great management team that is pursuing a short-term path to cash-flow positive results."
Myers said the company has begun generating modest nonrecurring revenue from engineering projects being paid for by customers and expects revenue to ramp up quickly.